U. S. Securities and Exchange Commission
                            Washington, D. C. 20549

                                 FORM 10-QSB/A

                                Amendment No. 1

[X]     QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
        ACT  OF  1934

     For  the  quarterly  period  ended  September  30,  1996

[ ]     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
        ACT

     For  the  transition  period  from  _______________  to  _______________

                          Commission File No. 0-12240

                         NOTE BANKERS OF AMERICA, INC.
                (Name of Small Business Issuer in its Charter)

               TEXAS                                    84-0882076

   (State or Other Jurisdiction of                (I.R.S. Employer I.D. No.)
    incorporation or organization)


                        770 S. Post Oak Lane Suite 690
                             Houston, Texas 77056
                   (Address of Principal Executive Offices)

                   Issuer's Telephone Number: (713) 840-0230

Indicate  by  check  mark  whether  the  Registrant  (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
1934  during  the  preceding  12  months  (or for such shorter period that the
Registrant  was  required  to  file  such  reports),  and (2) has been subject
to  such  filing  requirements  for  the  past  90  days.

(1)          Yes        /X/     No / /          (2)     Yes /X/     No     / /

               APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS

          Check  whether  the  registrant  filed  all  documents  and  reports
required  to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution  of  securities  under  a  plan  confirmed  by  court.

          Yes  /  /          No  /  /

                     APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate  the number of shares outstanding of each of the Registrant's classes
of  common  stock,  as  of  the  latest  practicable  date:

                               November 15, 1996

                       Common Voting Stock - 22,430,000



                        PART I - FINANCIAL INFORMATION

Item  1.          Financial  Statements.

<TABLE>
<CAPTION>

                         NOTE BANKERS OF AMERICA, INC.
                          CONSOLIDATED BALANCE SHEETS
                              SEPTEMBER 30, 1996


                                    ASSETS

<S>                                                       <C>
CASH                                                      $   31,648 
LOANS HELD FOR RESALE                                      1,063,939 
FURNITURE, FIXTURES  AND EQUIPMENT, at cost, less
           accumulated depreciation of $10,357                10,419 
REAL ESTATE OWNED                                            125,782 
ACCRUED INCOME AND OTHER  ASSETS                              24,828 
GOODWILL                                                      63,771 
                                                          -----------
                                                          $1,320,387 
                                                          ===========


                  LIABILITIES AND STOCKHOLDERS' DEFICIT

BANK LINE OF CREDIT                                       $  227,433 
ESCROW DEPOSITS                                               46,248 
ACCOUNTS PAYABLE AND ACCRUED EXPENSES                        185,847 
NOTES PAYABLE                                              1,265,989 

STOCKHOLDERS' DEFICIT
          Preferred Stock, No Par Value; 150,000,000
                    shares authorized; none issued
          Common Stock, $.001 par value; 25,000,000
                    shares authorized, 22,430,000 shares
                    issued and outstanding                    22,430 
          Accumulated Deficit                                427,560 
                                                          -----------
       Total Stockholders' Deficit                        $ (405,130)
                                                          -----------

                                                          $1,320,387 
                                                          ===========
</TABLE>


<TABLE>
<CAPTION>

                         NOTE BANKERS OF AMERICA, INC.
                     CONSOLIDATED STATEMENT OF OPERATIONS
                 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996

<S>                                                          <C>
REVENUE:
          Brokerage Income                                   $ 108,551 
          Gain on Loan Sales                                     4,658 
          Interest on Loans                                     40,407 
          Loan Servicing Fees                                    1,906 
                                                             ----------
Total Revenue                                                  155,523 
                                                             ----------

OPERATING EXPENSES
          Brokerage Commissions                                 53,157 
          Interest Expense                                      40,290 
          Salaries and Benefits                                105,378 
          Occupancy                                              6,763 
          Legal and Accounting Expense                          36,802 
          Amortization and Depreciation                            876 
          Other                                                 30,311 
                                                             ----------
Total Operating Expenses                                       273,578 
                                                             ----------

LOSS FROM OPERATIONS                                           118,055 
                                                             ----------

OTHER INCOME
          Gain on Sale of Real Estate                            1,992 
          Other Income                                           5,715 
                                                             ----------
Total Other Income                                               7,707 
                                                             ----------
NET LOSS                                                      (110,348)

Net Losses of Subsidiaries Prior to Acquisition This Period     20,031 
                                                             ----------

CONSOLIDATED NET LOSS                                        $  90,317 
                                                             ==========
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

                         NOTE BANKERS OF AMERICA, INC.
            CONSOLIDATED STATEMENT OF CHANGE IN STOCKHOLDERS' EQUITY
                 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996


                          Common    Common                              Stock
                          Stock     Stock     Paid In     Retained    holder's
                          Shares    Amount    Capital     Earnings     Equity
<S>                     <C>         <C>     <C>          <C>          <C>
Balances
June 30, 1996              227,000     227   4,472,279   (4,495,506)   (23,000)
Net Loss                                                    (90,317)   (90,317)
Issue Common
 Stock                  22,203,000  22,203      27,797                   5,000 

Pooling of
Interest (a
reverse
acquisition)                                (4,500,076)   4,495,506     (4,570)

Private
Mortgage
Bankers, Inc.,
Retained
Earnings
Deficit June 30, 1996                                      (274,813)  (274,813)

Par value of
stock issued in
excess of book
value of the
combined
company                                                     (62,430)   (62,430)
                        ----------  ------  -----------  -----------  ---------

Balances
September 30,
1996                     2,430,000  22,430           0     (427,560)  (405,130)
                        ==========  ======  ===========  ===========  =========
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                         NOTE BANKERS OF AMERICA, INC.
                               CONSOLIDATED STATEMENTS OF CASH FLOW
                 FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996

<S>                                                             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income (Loss)                                              (110,348)
  Adjustments to reconcile net loss to
    net cash provided by operating activities:
  Depreciation and Amortization                                       876 
  Expenses paid by a shareholder on behalf of the company
    and accounted for as contributed capital                        4,801 
  Amortization of unearned
    discounts and fees                                             (6,035)
 Changes in operating assets and liabilities:
 Decrease (increase) in accrued
    income and other assets                                        (1,260)
 (Decrease) increase in accounts payable and accrued expenses      21,095 
 Less accrued expenses paid by a shareholder on behalf of
    the company and accounted for as contributed capital          (15,199)
 Gain on sale of loans                                             (4,658)
 Gain on sale of real estate                                       (1,992)
 Net cash used in operating
    activities                                                  $(102,322)
                                                                ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
 Purchase of Loans                                               (103,602)
 Proceeds from sale of loans                                       95,743 
 Payments received on loans                                        27,757 
 Purchase of real estate and improvements                            (732)
 Proceeds from sale of real estate                                 31,602 
 Increase in Loans to Stockholders                                  3,000 
                                                                ----------
 Net cash provided by (used in)
    investing activities                                           47,769 
                                                                ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
 Increase (decrease) in escrow
    deposits                                                       10,346 
 Payments on bank line of credit                                  (18,500)
 Proceeds from notes payable                                       85,274 
 Payments on notes payable                                        (63,719)
 Proceeds from sale of stock                                        3,000 
                                                                ----------
 Net cash provided by (used in)
    financing activities                                           63,401 
                                                                ----------

(DECREASE) INCREASE IN CASH                                         8,847 

CASH - beginning of quarter                                        22,801 
                                                                ----------

CASH - end of quarter                                           $  31,648 
                                                                ==========

SUPPLEMENTAL CASH FLOWS
INFORMATION:
 Escrow deposits transferred to
 Mortgage Payments                                              $  10,442 
                                                                ==========

 Notes given for purchase of
 Private Mortgage Bankers Inc. Stock                            $  60,000 
                                                                ==========

 Note given for purchase of

 Life Today Financial Services, Inc. Stock                      $  25,000 
                                                                ==========
 Note given for purchase of
 Life Today, Inc. Stock                                         $  25,000 
                                                                ==========
</TABLE>





                         NOTE BANKERS OF AMERICA, INC.
                  Notes to Consolidated Financial Statements

     (1)          Organization:
                  -------------
     General  Genetics  Corporation  was  formed  in  1982,  but  business
activity  has  been  substantially  discontinued since 1986.  In  July of 1996
Life Today Inc., purchased Life Today Financial Services, Inc., and later that
month  Private  Mortgage  Bankers,  Inc.,  purchased  Life  Today,  Inc.

     On  August  30,  1996, 100% of the outstanding shares of private Mortgage
Bankers  Inc.,  were  acquired by General Genetics Corporation in exchange for
20,313,000  shares of common stock of General          Genetics Corporation in
a transaction accounted for as a reverse          acquisition. Upon completion
of  the  acquisition,  the  stockholders of the Company became the controlling
stockholders  of  General  Genetics  Corporation.

     September  25,  1996,  General  Genetics Corporation was merged into NOTE
BANKERS  OF  AMERICA,  INC.

     (2)          Business  Activities:
                  --------------------
     The  Company  purchases  privately-held,  owner  financed  mortgages from
individuals          who  have  personally  financed the sale of real property
throughout  Texas.  The Company either holds the loans for investment purposes
or  sells  them  to  individual  investors,  banks  or other institutions. The
Company  is  also  in  the  business  of  brokering  owner-financed mortgages.

     Another  principal  business  activity  of  the Company is to broker life
insurance  benefits  of  terminally ill individuals to individual investors or
institutions.    The  life insurance policyholder receives a percentage of the
face  amount  of  the  policy,  determined  by  certain factors, including the
insured's  life expectancy.  The Company receives a commission to provide this
brokerage  service.

     (3)          Consolidation  Accounting  Policies:
                  ------------------------------------
     The  financial  statements    reflect  the    acquisitions  of Life Today
Financial  Services,  Inc.,  by  Life Today, Inc., and the acquisition of Life
Today  by  Private  Mortgage Bankers, Inc., as purchases resulting in Goodwill
(excess  of  purchase  price  over  net worth) of $63,771.  The acquisition of
Private  Mortgage  Bankers,  Inc.,  by  the Registrant represents and has been
accounted  for  as  a  pooling  of  interest and a reverse acquisition whereby
Private  Mortgage  Bankers, Inc., was the acquiror and for financial statement
purposes, the historical financial statements, of the Registrant will be those
of  Private  Mortgage Bankers, Inc. Therefore, the registrants Paid in Capital
of $4,472,279 has been offset against the registrants deficit of $4,495,506 as
of  June 30, 1996, and the acquiror's net deficit has been charged $63,430 for
the  par  value of stock issued to accomplish the acquisition in excess of the
book  value  of  the  combined  company.    All  intercompany transactions are
eliminated  in  consolidation.

     (4)          Furniture,  Fixtures  and  Equipment:
                  -------------------------------------
     Furniture,  fixtures  and  equipment  is  stated at cost less accumulated
depreciation.  Depreciation  of  furniture, fixtures and equipment is computed
using  the  straight-line  method over estimated useful lives of the assets of
five  years.

     (5)          Loans  Held  for  Resale:
                  ------------------------
     Loans  to  be  held  for  an  indefinite period of time are classified as
available  for  sale  and are carried at the lower of cost or market.  Cost is
computed  as  the  principal amount outstanding, net of unearned discounts and
deferred loan fees and expenses. Unearned discounts on loans are recognized as
income  over  the  term of the loans on a level-yield method.  These loans are
sold in response to changes in market interest rates, liquidity needs or other
similar  factors.

     The  allowance  for  credit losses is established through a provision for
credit losses charged to operating expense. The allowance represents an amount
which, in management's judgement will be adequate to absorb possible losses on
existing  credits  which  may  become uncollectible. Management's judgement in
determining  the  adequacy  of  the  allowance  is based on evaluations of the
collectibility  of  loans.  These  evaluations  take  into  consideration such
factors  as  changes  in  the nature and volume of the loan portfolio, current
economic conditions, overall portfolio quality and review of specific credits.

     The  Company began accounting for impaired loans in 1995 as prescribed in
Statement  of  Financial Accounting Standards No.118, "Accounting by Creditors
for  Impairment  of  a Loan" (SFAS No.118). Impaired loans are measured on the
present value of expected future cash flows discounted at the loan's effective
interest  rate  or,  as a practical expedient, at the loan's observable market
price or the fair value of the collateral if the loan is collateral dependent.
The  adoption  of  SFAS  No.118  had  no  material  impact  upon the financial
statement  of  the  Company.

     (6)          Loan  Origination  Costs:
                  ------------------------
     Loan  origination  costs are deferred and amortized over the lives of the
related  loans  as  an  adjustment  of  yield.

     (7)          Real  Estate  Owned:
                  --------------------
     Real  estate  owned  represents  property  purchased  for  investment  or
acquired  through  foreclosure.   Real estate owned is carried at the lower of
cost or fair value. Reductions in the balance of real estate owned at the time
of  foreclosure are charged to the allowance for credit losses. Any subsequent
writedowns  to  reflect  current  fair value are charged to operating expense.

     (8)          Income  Taxes:
                  --------------
     The  Company  recognizes  income  taxes  in  accordance with Statement of
Financial  Accounting  Standards  No.109,  "Accounting  for Income Taxes"(SFAS
No.109).  Under  this  method,  deferred  income  taxes  are  recognized  for
the  future  tax  consequences  attributable  to  differences  between  the
financial  statement  carrying  amounts  of  existing  assets  and liabilities
and  their  respective  tax  basis  (temporary differences.)

     Under  SFAS  No.109,  deferred  tax  assets are recognized for deductible
temporary  differences  and  operating  loss  and  tax  credit  carryforwards,
and  then  a  valuation  allowance  is  established  to reduce  that  deferred
tax  asset  if  it  is  "more likely than not" that the related  tax  benefits
will  not  be  realized.

     (9)          Brokerage  Income:
                  ------------------
     Revenue  is  recognized  when  the  life  insurance  benefit  are  sold
and  both parties are funded.  Under insurance regulations, the insured has 15
calendar  days, after receipt of the proceeds, to rescind the sale of the life
insurance  benefits.  If  the  sale  is  rescinded, the sales proceeds and the
commission  is  returned  to  the  purchaser.    The  Company accounts for any
rescissions  during  the  month  the  life  insurance benefits were originally
sold.  Since  inception,  the  Company  has  not  had  a  sale  rescinded.

     (10)          Commitments  and  Contingencies:
                   -------------------------------
     The  Company entered into a consulting agreement during 1995 with a prior
stockholder.  The Company agreed to pay the prior stockholder $1,000 per month
for  twenty-four  consecutive  or  non-consecutive  months  depending  on  the
available  cash  in  the  Company.  Consulting  fees  to  the  prior  owner,
included  in  general  and  administrative  expense,  were  $13,000  for  the
3  months  ended  September  30,  1996.

     (11)          Estimates:
                   ---------
     The  preparation  of  financial  statements  in conformity with generally
accepted  accounting  principles  requires  management  to  make estimates and
assumptions  that  affect  the  reported amount of assets and  liabilities and
disclosure  of  contingent  assets  and  liabilities  at  the  date  of  the
financial  statements  and  the  reported  amounts  of  revenues  and expenses
during  the  reporting  period.  Actual  results  could  differ  from  those
estimates.

     (12)          Fair  Value  of  Financial  Instruments
                   ---------------------------------------
     The  Company's  only  financial  instruments  are  accounts  payable  and
accrued expenses.  Management  believes the carrying amount of these financial
instruments  approximate  their  fair  values.

     (13)          Loss  Per  Common  Share:
                   ------------------------
     The loss per share data was computed based on the weighted average number
of  common  shares  outstanding.  The  Company  authorized  a 1  share  of new
for  20  old  share  reverse stock split on August 30, 1996. All share and per
share  amounts  have  been  adjusted  to  give  effect  to  the  stock  split.

     (14)          Marketable  Equity  Securities:
                   ------------------------------
     The  Company  has  certain marketable equity securities, at June 30, 1996
deemed  by  management  to  have  no  fair  value.

     (15)          Notes  Receivable  -  Other:
                   ----------------------------
     The  Company  had  certain    notes  receivable,  dated  in  1984,  for
approximately  $150,000  of  which management had deemed uncollectible and had
fully  reserved  for  all  years  presented  in  the  accompanying  financial
statements.

     (16)          Revolving  Line  of  Credit:
                   ---------------------------
     The  Company  has  a  revolving line of credit with a bank in the maximum
amount of $250,000 maturing on January 23,1997.  The line of credit is used by
the  Company solely to finance the purchase of single family residential loans
and  the  holding  of  such  loans  until  they  are  sold.

     (17)          Notes  Payable:
                   --------------
     At  September  30,  1996,  the  Company  had a note payable to a bank for
$47,339  due  January 23,  1997,  including  all  interest  accrued  thereon
at  the  bank's  prime  rate  plus  2%. The note is collateralized by a single
family  residential  property and guaranteed by  stockholders of the  Company.

     At  September  30,  1996,  the Company had a note payable to the Company,
payable  in monthly installments of $216 through June 1, 2007. Interest on the
note  is  payable monthly at a 9.125% and the note is collateralized by single
family  residential  real  estate.    The  balance  outstanding on the note at
September  30,  1996  was  $17,630.

     On  September  30,  1996,  the  Company  had  financial arrangements with
various  individuals  through  their  individual  retirement  (IRA)  accounts,
which  were  originated  to  finance  the  purchase  of  mortgage  loans  and
real  estate.   Notes collateralized by mortgage loans mature at various dates
from 1997 to 2021. The notes become due and payable immediately upon demand of
individuals. Principal and interest are payable monthly, at rates ranging from
11% to 12 %. In the event of foreclosure, the notes payable are collateralized
by  the  underlying  real  estate;  principal  payments  are  discontinued and
interest  only is payable monthly.  Upon the Company's sale of the real estate
and  creation  of  a  new  mortgage  loan, principal payments and interest are
due  monthly,  based  on  the term and maturity date of the new mortgage loan.
Upon  the  Company's  sale  of  real estate for cash, the note payable becomes
unsecured. The Company is obligated to make a best effort to collateralize the
note  with  a  new  mortgage  loan purchase or real estate purchase. Unsecured
notes  and notes secured by real estate have no stated maturity date. Interest
is payable monthly at rates ranging from 11% to 12%. At September 30, 1996 the
notes  payable  to  individuals pursuant to this arrangement totaled $771,929.

     The  Company    has  various  notes to two individuals, having no written
terms, including the maturity dates and interest rates.  Some of the notes are
due  upon  the  maturity  of  the underlying mortgage loan collateral; and the
other  notes  have  no stated maturity date and are unsecured.  Interest rates
vary  between  12% to 13% and for some notes, interest is payable monthly; for
others,  interest  is  due  at  maturity  of  the  underlying  mortgage  loan
collateral.    Should  an  individual  desire  to  liquidate his account, upon
written  notice,  the  Company  will employ its best efforts and has up to six
months  to  sell the underlying collateral for cash proceeds to be remitted to
the  individual.  The  collateralized  notes  total $141,769 and the unsecured
notes  total  $126,086  at  September  30,  1996.

     At  September 30, 1996, the Company had two notes payable to individuals,
having  no written terms including the maturity dates and interest rates.  The
notes  were  initially  funded  to  purchase  real  estate.  The  notes  are
collateralized  by  mortgage  loans and real estate.  The balance at September
30,  1996  was  at  $50,550.

     (18)          Concentrations  of  Credit  Risk
                   --------------------------------
          The  Company's  financial  instruments  which  are  exposed  to
concentrations  of  credit  risk  consist  primarily  of  loans  receivable
secured  by  single  family  residential  mortgages  in  Houston  and
surrounding  area.  The  Company  assesses  its  credit  risk  and provides an
allowance for credit loss for any loans which it deems doubtful of collection.


     (19)          Loans  Receivable:
                   -----------------
          Major classifications of loans at September 30, 1996 are as follows:

          Residential  real  estate:                   $ 1,252,421
               Single  Family  residential                  28,294
               Multi-Family  residential                    15,566
          Commercial                                        10,475
                                                       ------------
          Land                                           1,310,756
          Less  loan  fees  and  unearned
          discount                                        (236,817)
          Allowance  for  credit  losses                   (10,000)
                                                       ------------
                                                       $ 1,063,939
                                                       ============


                          PART II - OTHER INFORMATION

Item  6.          Exhibits  and  Reports  on  Form  8-K.

          (a)     Exhibits.

                  27.1  Financial  Data  Sheet

          (b)     Reports  on  Form  8-K.

               The  Company  filed  one  report on Form 8-K during the quarter
ended  September 30, 1996; an amendment dated September 3, 1996 and designated
Amendment  No.  1  to  that  report;  an  amendment dated November 4, 1996 and
designated  Amendment No. 2 to that report; and an amendment dated January 30,
1997  and  designated  Amendment  No.  3 to that report.  The original report,
dated  September  3,  1996,  Amendment  No.  1 thereto dated November 4, 1996,
Amendment  No.  2  thereto dated November 4, 1996, and Amendment No. 3 thereto
dated January 30, 1997 provided the details of the Company's change in control
and  consummation  of the share exchange with PMB and matters related thereto.
These  reports  are  incorporated  by  reference  herein.



<PAGE>

                                  SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934,
the  Registrant  has duly caused this Report to be signed on its behalf by the
undersigned  thereunto  duly  authorized.

                              NOTE  BANKERS  OF  AMERICA,  INC.


                                           /S/  E.  Donald  DeYoung
Date:  January  30, 1997               By ____________________________________
                                            E.  Donald  DeYoung,  Director
                                            President


                                           /S/  Allen  E.  Myers
Date:  January  30, 1997               By ____________________________________
                                           Allen  E.  Myers,  Director
                                           CEO


                                           /S/  Louis  J.  Blenderman
Date:  January  30, 1997               By ____________________________________
                                           Louis  J.  Blenderman,  Director